If your current pension provides a guarantee of the money you’ll be paid, or guarantees a certain level of investment returns, you might be better off leaving it where it is. It’s certainly worthwhile getting some professional advice before making this decision, as it may not be in your best interests to transfer defined benefit pension savings into a defined contribution arrangement like The People’s Pension.
This is why we won’t accept applications directly through our website if your pension is one of the following types worth more than £30,000:
- defined benefit pensions or pensions that provide any other salary-related benefits
- pensions promising set annuity rates (also known as guaranteed annuity rates)
- pensions with guaranteed minimum pension benefits
- pensions invested in guaranteed funds or funds promising guaranteed investment returns
- pensions with any other guarantees.